Growth-type Super Rich

Chapter 271: The Lee Dynasty's Trepidation


Although Samsung Group is known globally for its electronics, this Goryeo giant has long reached into every aspect of the lives of the Korean people.

Therefore, there is a saying in Goryeo, similar to "Iron-clad Samsung, flowing Presidents."

This also indirectly confirms Samsung's status in Goryeo.

As the largest corporate group in Goryeo, it has monopolized the social livelihood of the country, with 65 subsidiaries under its wing, covering businesses in electronics, finance, machinery, chemicals, automobiles, and transportation. A magazine from the Beautiful Country once reported on Samsung under the headline "Republic of Goryeo Samsung," illustrating Samsung's impact on South Korea.

Here is a more intuitive comparison.

One Samsung equals the four major state-owned banks combined, plus Hua Shipbuilding Heavy Industry, Hua Air Group, Hua Weapons Group, Hua Petroleum, Hua Country Petrochemical, BAT, China Datang, the three major telecom operators of Hua Country, Hua Railway Group, Hua Country Nuclear Industry Group, and Hua Country Chemical Group.

Although this comparison is somewhat exaggerated, it is true to some extent.

Thus, in Goryeo, if you interview young people on the streets and ask them what they want the most, they are likely to tell you: to become a prosecutor or a doctor. But if you remove these two choices, they will want to work for large chaebol groups like Samsung or LG.

At this moment, within the vast estate of the Li Family of Samsung, seated at a long table are family members of the 'Lee Dynasty' in Goryeo.

The current Vice Chairman of Samsung Group, Lee Jae-yong.

Although Lee Jae-yong has ostensibly established himself as the head of Samsung Group, the Eldest Princess, Lee Boo-jin, remains a powerful contender, and the open and covert struggles between them are not uncommon now.

As for Lee Xuexian, she married outside long ago, and although she serves as Vice President of Samsung Group, her powers have long been emptied. She is incapable of threatening Lee Jae-yong and can only choose a side to help Lee Boo-jin continue fighting for the ownership of Samsung Group.

As for the fourth generation of the Lee Dynasty, there are only Lee Jae-yong's son, Li Zhihao, and daughter, Lee Yeon-hyun.

Sitting at the head, looking somewhat frail, is the current actual controller of Samsung Group, Lee Kun-hee.

In the luxurious family council chamber, the lighting is not dazzling, even a bit dim, but it does not affect the display of luxury. Lee Kun-hee sat silently at the head, looking at his children. Despite appearing physically weak, he has been at the pinnacle of this nation for decades. Even without speaking, a naturally intimidating aura instantly spread.

Even though those seated below are his children and grandchildren, they couldn't help but lower their heads.

After an unknown time passed, Lee Kun-hee's gaze calmly in front, he slowly spoke, breaking the stillness in the council chamber.

"From this moment on, you no longer need to exhaust yourselves competing for the succession of Samsung, because from now on, Samsung Group will return to its rightful owner."

After hearing Lee Kun-hee's words, not only were the direct heirs, Lee Jae-yong and Lee Boo-jin, shocked, but even the fourth generation, Li Zhihao and Lee Yeon-hyun, were puzzled. Yet, they dared not ask more, waiting instead for Lee Kun-hee to continue.

Samsung Group has dominated the Goryeo business world for so many years; everyone knows Samsung belongs to the Li Family. Return to its rightful owner? Which owner?

Seemingly seeing through their confusion, Lee Kun-hee sighed, slowly taking out an old file folder from beside him, retrieving several yellowed agreement documents inside. The entire document was written in English. Though well-preserved, one could still sense the marks of time on them.

After taking out the documents, a reminiscent look appeared in Lee Kun-hee's eyes as he said to his children below, "This document has existed for 77 years. Take a look."

Upon hearing Lee Kun-hee's words, Lee Jae-yong and the others displayed expressions full of perplexity on their faces.

It's known that the Samsung Group was founded in 1938, and since this document has existed for 77 years, it means it has been around since the third year of the Samsung Group's establishment?

Among them, the most anxious were the heirs, Lee Jae-yong and Lee Boo-jin, who quickly took the few documents.

The documents were very simple, with only two key points.

One was an investment agreement, the other was a stock custodial agreement.

The document stated that a foundation named Future provided continuous development funds over 50 years for Samsung's development, at the cost of a 31.5% stake.

The other document was a stock custodial agreement, stating that the Future Foundation entrusted all their equity to the Li Family for custodial purposes, and the profits obtained were to be handed over to the Future Foundation.

After reading this material, Lee Jae-yong suddenly felt it was a fantasy.

To know that all the shares held by the Li family combined do not exceed 10%, how could he possibly not know that there is a major shareholder with 31.5% stakes?

Instantly, Lee Jae-yong expressed his doubts to Lee Kun-hee.

"Father, if Samsung indeed has a major shareholder holding 31.5% shares, how could we have gone public?"

"Do you think I am deceiving you?"

Upon looking into Lee Kun-hee's eyes, Lee Jae-yong promptly said: "Dare not, it's just that I am a bit puzzled."

"This 31.5% of shares were cross-held via various offshore companies over more than 20 years by your grandfather, which is also the reason why our Li family has been able to actually control Samsung Group for almost 80 years."

Lee Jae-yong said nothing more, but Lee Boo-jin hurriedly asked: "Father, even if the Future Foundation wants to take back the 31.5% shares from us, it doesn't affect our family's position in the group! We have so many capital shareholders, albeit the 31.5% stake is substantial, it is not enough to shake the solid foundation established from grandfather's time in the group!"

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